Zacks Investment Research downgraded shares of Extreme Networks (NASDAQ:EXTR) from a buy rating to a hold rating in a research note released on Tuesday.
According to Zacks, “Extreme Networks, Inc. is a leading provider of a next generation of switching solutions that meet the increasing needs of enterprise local area networks internet service providers and content providers. The key advantages of its Layer 3 switching solutions are increased performance, the ability to easily grow in size as customer needs change, flexible allocation of network resources, ease of use and lower cost of ownership. These advantages are obtained through the use of custom semiconductors, known as ASICs, in its products and through hardware and software designs. “
A number of other brokerages also recently commented on EXTR. ValuEngine downgraded shares of Extreme Networks from a buy rating to a hold rating in a research note on Friday, December 1st. JMP Securities began coverage on shares of Extreme Networks in a research note on Wednesday, January 3rd. They issued an outperform rating and a $16.00 target price on the stock. Cowen began coverage on shares of Extreme Networks in a research note on Wednesday, December 20th. They issued an outperform rating and a $16.00 target price on the stock. Craig Hallum reissued a buy rating and issued a $17.00 target price (up previously from $12.50) on shares of Extreme Networks in a research note on Wednesday, November 8th. Finally, Needham & Company LLC reissued a buy rating on shares of Extreme Networks in a research note on Friday, November 10th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Extreme Networks currently has a consensus rating of Buy and a consensus price target of $14.17.
Extreme Networks (NASDAQ:EXTR) traded up $0.36 during trading hours on Tuesday, reaching $13.16. 1,612,500 shares of the company’s stock were exchanged, compared to its average volume of 1,676,613. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.09 and a current ratio of 1.31. The stock has a market capitalization of $1,500.00, a P/E ratio of 658.00, a P/E/G ratio of 1.31 and a beta of 1.14. Extreme Networks has a 12 month low of $5.22 and a 12 month high of $14.34.
Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. Extreme Networks had a net margin of 0.34% and a return on equity of 46.58%. The company had revenue of $211.72 million for the quarter, compared to the consensus estimate of $203.86 million. During the same quarter last year, the firm posted $0.07 earnings per share. Extreme Networks’s revenue was up 72.5% on a year-over-year basis. research analysts anticipate that Extreme Networks will post 0.6 earnings per share for the current year.
In related news, Director Raj Khanna sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $13.81, for a total transaction of $138,100.00. Following the completion of the sale, the director now directly owns 99,523 shares of the company’s stock, valued at approximately $1,374,412.63. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles Carinalli sold 20,000 shares of the firm’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $12.91, for a total transaction of $258,200.00. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Extreme Networks by 11.5% during the 2nd quarter. Vanguard Group Inc. now owns 8,040,988 shares of the technology company’s stock worth $74,138,000 after acquiring an additional 830,103 shares in the last quarter. State Street Corp grew its holdings in Extreme Networks by 4.7% during the 2nd quarter. State Street Corp now owns 2,307,153 shares of the technology company’s stock worth $21,273,000 after acquiring an additional 102,591 shares in the last quarter. FMR LLC grew its holdings in Extreme Networks by 57.9% during the 2nd quarter. FMR LLC now owns 2,130,799 shares of the technology company’s stock worth $19,647,000 after acquiring an additional 781,130 shares in the last quarter. Copper Rock Capital Partners LLC acquired a new position in Extreme Networks during the 4th quarter worth $24,503,000. Finally, Goldman Sachs Group Inc. grew its holdings in Extreme Networks by 474.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,593,826 shares of the technology company’s stock worth $14,695,000 after acquiring an additional 1,316,604 shares in the last quarter. 80.87% of the stock is owned by institutional investors and hedge funds.
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Extreme Networks Company Profile
Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.
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